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Saks seeks 1 billion dollar bankruptcy loan to avoid bankruptcy as it faces vendor lawsuits
Saks Global is reportedly in the process of securing a 1 billion dollar loan to avoid filing for Chapter 11 bankruptcy, as more vendors file lawsuits against the luxury department store group. The capital-constrained company is said to be in negotiations with some of its creditors to obtain a loan, according to media reports. Saks Global, which...
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Claire’s and The Original Factory Shop due to enter administration
The parent company of Claire’s and The Original Factory Shop (TOFS) is preparing to enter the two retailers into administration. Private equity firm Modella Capital said the current climate was “extremely challenging” for high street retailers, particularly due to “an alarming drop-off in pre-Christmas footfall”. In a statement to The Guardian,...
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